Adjusted Base Salary. With respect to the period beginning on April 1, 2003 and ending on the last day of the Term of the Agreement (as defined in Section 5) the Company shall pay to Executive base salary at a rate of not less than $138,000 per annum. Such base salary shall be payable in accordance with the Company's customary payroll procedures. Executive's annual base salary described in Sections 3(a) or 3(b), as the case may be, shall be collectively referred to herein as "Base Salary."
Adjusted Base Salary. For all services to be rendered by Employee pursuant to this Agreement, from May 15, 2017 until December 31, 2017, the Base Salary will be adjusted to an annual rate of $42,900 (which will be prorated for the remainder of 2017) less applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions (the “Adjusted Base Salary”). The Adjusted Base Salary shall be paid in periodic installments in accordance with the Company's regular payroll practices. The Parties agree that it is the intention for Employee to derive an increasing portion of his total compensation from the Increased Percent Incentive of Section 5, rather than from salary paid by the Company. All references to “Base Salary” in Section 9 of the Agreement shall be replaced by “Adjusted Base Salary” as set forth in this paragraph. Employee acknowledges and agrees that the Company has made no representation or guarantee regarding (1) the current, future or potential value of the Increased Percent Incentive or any incentive set forth in Section 5, (2) the performance of FLI Charge, (3) that a Change of Control of FLI Charge or Public Offering will or may occur, or (4) that the Increased Percent Incentive will or may result in the Employee receiving consideration greater than the amount that Employee would have received had he continued to receive the Base Salary and any severance related thereto. Employee understands the risk involved in receiving the Increased Percent Incentive in lieu of the Base Salary and agrees to take such risk. Employee acknowledges and agrees that any decisions related to or affecting any incentive of Section 5 is in the sole and absolute discretion of the Company’s Board of Directors (“Board”) and the Company does not guarantee that the Board will make any decision or take any action now or in the future that may trigger any incentive of Section 5.”
Adjusted Base Salary. For purposes of calculating the annual bonus award and the annual equity award the Executive’s adjusted base salary will be $286,000. The Adjusted Base Salary shall be reviewed from time to time, but not less frequently than annually, and, in the sole discretion of the Board, may be adjusted but not decreased below the amount set forth in the first sentence of this subsection 3(b). To the extent Adjusted Base Salary is adjusted, then such adjusted salary shall be the Executive’s Adjusted Base Salary for all purposes of this Agreement.
